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General Employment CEO steps down

November 05 2013

General Employment Enterprises Inc. (NYSE MKT: JOB) Chairman and CEO Michael Schroering stepped down to pursue his other business interests, the company reported in a filing with the U.S. Securities and Exchange Commission. He will remain a board member of the Oakbrook Terrace, Ill.-based staffing provider.

Schroering replaced retiring Salvatore Zizza as chairman and CEO in January and has served on the board since November 2012.

General Employment also announced that it received a letter from the NYSE MKT on Oct. 29 stating the company has made significant progress towards regaining compliance with listing standards. As a result, the company’s “financial impairment plan period” was extended to Feb. 21, 2014, from Oct. 7, 2013. However, the company still has until June 6, 2014, to regain compliance.

Last June, General Employment was notified that it was out of compliance with NYSE MKT LLC listing standards. Among other things, the company had equity of less than $4 million and had sustained losses from continuing operations and/or net losses in three of its four most recent fiscal years and, in the opinion of the exchange, it was questionable whether General Employment could continue operations and/or meet its obligations as they mature based on its current overall financial condition.

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